A special meeting of the Economic Council was held today at the President's Office.
The 14-member council, chaired by President Dr. Mohamed Muizzu, provides economic advice to the President.
The Maldives government has to repay huge loans this year, with USD 150 million due in March and USD 25 million due in April.
The loans due in March are a USD 50 million loan and USD 100 million owed to Cargill Financial Services International.
The country's total debt this year is USD 801 million. These include USD 248 million owed to commercial banks, USD 58 million to foreign countries, USD 28 million to the Asian Clearing Union, USD 31 million to the International Monetary Fund (IMF), USD 54,000 to International Financial Institutions (IFIs), USD 20 million in term deposits and USD 410 million to other agencies.
The government has to repay MVR 12 billion in loans this year.
